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Sparks Corporation has a cash balance of $17,100 on April 1. The company must maintain a...

Sparks Corporation has a cash balance of $17,100 on April 1. The company must maintain a minimum cash balance of $14,000. During April, expected cash receipts are $64,000. Cash disbursements during the month are expected to total $76,000. Ignoring interest payments, during April the company will need to borrow:

Multiple Choice $5,100 $14,000 $12,000

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Answer #1

Current cash balance= $17,100

-

Minimum Cash balance= $14,000

Amount he can use for

disbursements from cash= $3,100

balance.

Expected cash receipts during the month are $64,000.

+

Amount taken from cash balance $3,100

Total Cash Held = $67,100

Amount to be paid = ($76,000)

Amount needed to be borrowed = $ 8,900

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